Indian economy increasing with 'Modi rate of growth', taunts Congress

Taking a jibe at Prime Minister Narendra Modi, the Congress Party on 21 March, 2017 alleged that the Indian economy is growing with the 'Modi rate of growth'.

Throwing light on Prime Minister Narendra Modi's assertion that the Goods and Services Tax (GST) Bill will give a boost to the government's reform agenda, Congress leader Manish Tewari told ANI that no reform is going to work as the ruling dispensation at the Centre has lost the plot of the economy.

"The fact is that Indian economy is growing with the 'Modi rate of growth' which is barely five percent if you go by the 2004, 2005 base year. The fact is that no reform is going to work because the government has lost the plot of the economy. They have promised a million jobs a month, the fact is Indian economy is shedding jobs," he said.

Hinting at Finance Minister Arun Jaitley, Tewari further said the Prime Minister and his key economic minister need to have a hard look at the economy not withstanding whatever tall claims the government may make.

"The Indian economy has absolutely stalled," he added.

After the Union Cabinet approved four GST legislation yesterday, Prime Minister Modi said the move will give a boost to the government's reform agenda.

"Crucial bills relating to GST have been approved by the Cabinet, giving a boost to our reform agenda," he tweeted.

Paving the way for their introduction in Parliament, the Union Cabinet yesterday approved four GST related bills namely the Central Goods and Services Tax Bill 2017 (The CGST Bill), the Integrated Goods and Services Tax Bill 2017 (IGST Bill), the Union Territory Goods and Services Tax Bill 2017 (UTGST Bill) and the Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill). These were earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings held in the last six months.

The GST system also has nine sets of rules and regulations, out of which the Council has already approved five - registration, payment, refund, invoice and return.

Four other rules dealing with composition, valuation, input tax credit transitions are slated to be discussed in the Council's next meeting on 31 March, 2017.

After 31 March, 2017, the Council will take up the exercise of fitment of various commodities in the GST tax slabs of five percent, 12 percent, 15 percent and 28 percent.

-ANI